Teens are good at knowing how much money they want to spend on items they desire, but not as good at understanding the nuances of finances, such as how to earn, save, invest and plan for the future..
ETF portfolios are tailored to your risk tolerance and investment goals
Automated custodial investment accounts for kids
You can t invest in specific companies; Acorns assigns and manages your portfolio for you
If you don t invest regularly, monthly fees could be high compared to other automated advisors like SoFi
Acorns is an automated investing app offering personal investment accounts, IRAs, checking accounts , and investment accounts for kids. While the investment platform has a $0 account minimum, you ll need at least $5 to start investing.
As for fees, Acorns offers three plans at various price points: Acorns Lite, Acorns Personal, and Acorns Family. If you re solely interested in investing with a personal investment account, Acorns Lite might be best for you. The account has a $1 monthly fee, but it: (a) invests your money in an ETF portfolio tailored toward your risk tolerance, and (b) uses Acorn Round-Up